'Woongjin Booksen' Sold Too... Woongjin Group "Financial Structure Improvement"

Woongjin Booksen (Source: Woongjin Booksen Homepage)

[Asia Economy Reporter Kim Daeseop] Woongjin Group has sold its publishing logistics subsidiary Woongjin Booksen to the private equity fund (PEF) management company Centroid Investment. The sale amount is 49.3 billion KRW.

According to Woongjin Group on the 8th, it announced through a disclosure the day before that it signed a stock purchase agreement for 17.97% of the shares of Woongjin Booksen, a subsidiary of the holding company Woongjin.

Since its establishment in 1996, Woongjin Booksen has grown into a leading company in the publishing logistics sector. In February 2012, it merged with Woongjin Logistics to expand its service scope to international logistics. Last year, it recorded sales of 151.2 billion KRW based on consolidated financial statements.

Woongjin Group is continuing to sell subsidiaries to improve its financial structure, following last year. Previously, at the end of last year, it sold its main subsidiary Woongjin Coway (now Coway) to the game company Netmarble.

To facilitate the sale of Woongjin Booksen this time, Lee Jeong-hoon, then head of the Group Planning and Coordination Office, was appointed as CEO of Woongjin Booksen in early last month. Lee Jeong-hoon, CEO of Woongjin Booksen, is a certified public accountant and financial expert who also handled the sale of Woongjin Coway last year.

A Woongjin Group official stated, "This sale of Woongjin Booksen is a subsidiary share sale aimed at improving the financial structure."

This content was produced with the assistance of AI translation services.